TORONTO, April 21 /CNW/ - Duluth Metals Limited ("Duluth Metals") (TSX:
DM) (TSX:DM.U) is pleased to announce the successful acquisition of 5,142
acres of prospective mineral leases within the Duluth Complex; 2,528 acres
were acquired from State of Minnesota and the remaining 2,614 acres are leased
private mineral rights. All acres are located in Lake or St. Louis Counties,
Minnesota. These strategic lands were acquired for future exploration for
copper, nickel, and precious metal mineralization and/or for strategic
planning and infrastructure purposes.
The State lands consist of seven leases. Four are located within or
straddling the South Kawishiwi Intrusion, the same formation that hosts the
Nokomis Deposit. The Nokomis Deposit has a NI 43-101 compliant Indicated
Resource of 449 million tonnes grading 0.624% copper, 0.199% nickel, 0.600
grams per tonne of TPM (TPM = Platinum+Palladium+Gold), as well as 284 million
tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel, 0.718 grams
per tonne of TPM. (For reference, the Nokomis Property totals 3,001 acres.)
Two northern leases in Lake County, totaling 816 acres, are located along
the eastern margin of the South Kawishiwi Intrusion. Two southern leases,
consisting of 553 acres, lie immediately east of Teck American's Mesaba
copper-nickel deposit and overlie the contact of the Partridge River and South
Kawishiwi Intrusions. The only drilling on these lands is one hole on the
southern leases. The hole is mineralized with copper, nickel and PGMs, with
Mesaba style mineralization extending over 2,500 feet (non-continuous
sampling), including 10 feet grading 0.970% copper, 0.062% nickel, 0.610 grams
per tonne of TPM. The hole was drilled in 1968 by Humble Oil (now part of
Exxon-Mobil) and was re-sampled by the Minnesota Department of Natural
Resources in 1989 and the Natural Resource Research Institute in 1994. The
rest of the area has not been drilled.
The remaining three State leases, totaling 1,160 acres, are located along
the western margin of the Partridge River Intrusion in areas of known
mineralization. The southernmost lease of 440 acres is situated immediately
south of the Waterhen copper-nickel deposit and the northern two leases
consist of 720 acres situated down dip from the Wyman Creek copper-nickel
Duluth Metals has also acquired private mineral rights totaling
approximately 2,614 acres. These lands compliment and in many cases are
contiguous to existing state leases previously acquired by Duluth Metals. The
lands are all situated within the relatively unexplored Bald Eagle Intrusion,
and will be incorporated into our exploration plans over time.
These new land acquisitions bring the current mineral holdings of Duluth
Metals to approximately 15,283 acres and 10,890 acres of surface rights.
Duluth Metals also has pending State and Federal lease applications, which if
awarded, would more than double the current holdings.
A map showing the newly acquired land parcels along with the existing
Nokomis Property can be viewed on our website at www.duluthmetals.com along
with this press release.
David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person,
in accordance with NI 43-101 of the Canadian Securities Administrators, and is
responsible for the technical content of this press release and quality
assurance of the exploration data and analytical results.
About Duluth Metals
Duluth is committed to acquiring, exploring and developing copper, nickel
and platinum group metal (PGM) deposits. Duluth's principal property is the
Nokomis Deposit located within the rapidly emerging Duluth Complex mining camp
in northeastern Minnesota. The Duluth Complex hosts one of the world's largest
undeveloped repositories of copper, nickel and PGMs, including the world's
third largest accumulation of nickel sulphides, and one of the world's largest
accumulations of polymetallic copper and platinum group metals.
This document may contain forward-looking statements (including
"forward-looking statements" within the meaning of the US Private Securities
Litigation Reform Act of 1995) relating to Duluth's operations or to the
environment in which it operates. Such statements are based on operations,
estimates, forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult to predict
and may be beyond Duluth's control. A number of important factors could cause
actual outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in other public filings.
In addition, such statements relate to the date on which they are made.
Consequently, undue reliance should not be placed on such forward-looking
statements. Duluth disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, save and except as may be required by applicable
For further information:
For further information: please contact Mara Strazdins, Director of
Corporate Communications, at firstname.lastname@example.org or at (416) 369-1500
or Henry Sandri, President and CEO, at email@example.com; Minnesota
corporate office: telephone (651) 389-9990; Web Page: www.duluthmetals.com